Ferrous Scrap Market Price Continues to Down by 1,000 Yen/t in Japan

Ferrous scrap market price downed by 1,000 yen per tonne around Tokyo and Osaka on Thursday. Tokyo Steel Manufacturing and other electric furnace steel makers lowered their purchasing price for ferrous scrap when Japanese ferrous scrap export maintains weak for East Asia. The market price is lower by around 5,000 yen than the current peak in late April.

Electric furnaces around Tokyo paid 34,500-35,500 yen for H2 grade and some paid as high as 36,000 yen as of Thursday. The price downed by 2,000-3,000 yen from the previous week. Most electric furnaces lowered their purchasing price by 1,000 yen on Thursday.

Electric furnaces around Osaka purchased H2 at around 36,000-37,000 yen and some paid as high as 37,500 yen. Major electric furnaces around Osaka and Himeji, including Tokyo Steel Manufacturing, lowered the purchasing price on Thursday.

Scrap dealers’ purchasing price is around 29,000 yen for H2, 30,800 yen for H1 and 32,500 yen for HS in Tokyo including freight. Around Osaka, dealers’ purchasing price is around 27,000 yen for H2. Several scrap dealers said export market maintains weak or current export price to East Asia is lower than domestic market price. Thus domestic market price is likely to decline more.